When Gilded Drake enters the battlefield, exchange control of Gilded Drake and up to one target creature an opponent controls. If you don't make an exchange, sacrifice Gilded Drake. This ability can't be countered except by spells and abilities. (This effect lasts indefinitely.)

If the chosen creature to exchange is not on the battlefield at resolution, then sacrifice this card.

10/4/2004

This ability is targeted, so Protection can prevent targeting if it exists when the ability would be put on the stack. Once the ability is on the stack, adding Protection will not counter the ability but the exchange will not take place since the target is illegal and you sacrifice this card on resolution.